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Bill Baruch's Bullish Crude Oil Trade

Bill Baruch's Bullish Crude Oil Trade

On CNBC's "Futures Outlook," Bill Baruch of Blue Line Futures spoke about crude oil ahead of the OPEC meeting on Wednesday. He believes that a possible increase in production is already priced in the market.

Related Link: US Oil Imports Are Up In July: Why One Analyst Says Trend Unlikely To Continue

In the intermediate term, he would be a buyer lower at $36.50 and $33.50, but he is bullish in the short term. Baruch wants to buy the August contract if it trades above $41.10. He would place a stop loss at $39.90 and his target price would be $42.30.


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